The right time to Increase De Beers stake: Botswana’s mines minister

Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.

Published

2 years ago

February 11, 2025

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She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake.

Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.

Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.

In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.

Rising Inventory Putting Fresh Pressure On Polished Diamond Prices

Indian Manufacturers Are Shuttering Factories For Up To A Month For Diwali, Dampening Rough Demand and Dragging Down De Beers’ October Sight Sales.

Published

12 hours ago

November 5, 2026

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Rising inventory is putting fresh pressure on polished diamond prices following a strong mid-year recovery. The Rapaport Spec Diamond Index (RAPI™) dropped across major smaller sizes in October—led by a 5.5% plunge in 0.30-carat stones and a 2.3% slide in 0.50-carat goods after late-September peaks.

Mid-sized 1-carat diamonds edged down 0.9%, while larger 3-carat stones bucked the trend with a modest 0.9% gain. Despite the retreat, 0.30-carat diamonds remain up 8.8% year-to-date.

Inventory Floods Small Sizes: Supply of 0.30-carat rounds surged 165% between June 1 and November 1, driven by ramped-up factory production and cutters sending smaller stones back for grading as prices recovered.

Rough Sales Slow Ahead of Diwali: Indian manufacturers are shuttering factories for up to a month for Diwali, dampening rough demand and dragging down De Beers’ October sight sales. Industry observers expect the holiday pause to help balance bloated inventories.

Luxury Brands Outshine the Trade: While upstream pricing softens, major luxury conglomerates continue to thrive. LVMH and Kering posted robust Q3 jewelry revenue, setting high expectations heading into the critical holiday shopping window.